Australian business news digest - Jan 20

Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.

Banks seize cash reserves of two Austexx group companies

Ben Butler Syndicate snaps up cash reserves, appearing to leave nothing for the Australian Taxation Office.

Business calendar August 22-26

Australian business and finance calendar for the week of August 22-26.

Headstrong blood rush to oblivion

Colin Kruger, Stuart Washington, Carolyn Cummins As many shareholders have learnt from bitter experience, some ''inspired'' takeovers come at a greater cost than others, sometimes with disastrous consequences.

Stocks rocket $42b in best gain in three years.

Australian shares head higher for a second day as hopes of a European debt solution prompt buyers to jump back into equity and commodity markets.

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Spot the odd one out: bank, spirit and letter

Insider When Natasha Chadwick and Arthur Brotherhood agreed five years ago to bring ANZ into their nursing home business as a backer, they never dreamt that the relationship would end with the bank booting...

Search on for new Perpetual boss

Danny John PERPETUAL has begun a worldwide search to find a successor to its chief executive, David Deverall, who is to leave the fund manager by March after seven years in charge.

Suncorp bank arm still pesky

Eric Johnston Suncorp-Metway will cut dividends to preserve cash for its troubled banking arm, but CEO Patrick Snowball has pledged to rebuild the financial services group from the ground up.

Trouble in far-flung corners of Qantas empire

David Symons Qantas chief executive Alan Joyce faces challenges in two partially owned corners of the empire.

Reinsurers to put pressure on premiums

Eric Johnston Global insurance payouts linked to last month's devastating Chilean earthquake could reach as much as $US8 billion, which could force a round of price rises, QBE Insurance warns.

Storm hits IAG's earnings forecast

Eric Johnston The storm that pounded Melbourne last weekend is also hurting insurers, with Insurance Australia Group yesterday lowering its earnings guidance as payouts started to climb.

IAG profit soars, confirms insurance margin upgrade

Insurance Australia Group has seen a massive turnaround in its fortunes after its first-half profit soared and the firm confirmed an upgrade to its annual insurance margin.

Insurers weather storms

Danny John Second-half profits at the country's two largest insurers will take a big hit in the aftermath of the wild storms in Victoria and Queensland.

Online insurers take on the old guard

Danny John and Eric Johnston Australia's two biggest providers of motor insurance are bracing themselves for an increasing online attack from domestic and overseas rivals.

Knock-on effects of Mother's intervention

Ian McIlwraith Queensland's floods will cost hundred of millions of dollars.

ANZ opens offer for investors to cash in $1.9bn in debt buyback

Danny John ANZ becomes the first of the major banks to buy back a tranche of foreign debt raised under the government's AAA credit rating before the bonds were due to mature.

Insurers to take second weather hit this year

Matt O'Sullivan Insurers bracing for property owners to lodge claims for flood damage in Queensland and New South Wales.

Big four surge as market reacts

Eric Johnston Shares in the big four banks rallied while regional lenders slumped as investors made it clear whom they believed the winners and losers were from banking reforms.

BOQ roasted over delay to profit warning

Eric Johnston Banking analysts question why Bank of Queensland took so long to discover worsening problems in its portfolio of loans to Queensland's troubled commercial property market.

Insurers ready for the worst

Eric Johnston Insurers bracing for surge in claims as floodwaters continue to sweep across parts of southern New South Wales.